CATEGORIZE THEN CHOOSE: BOUNDEDLY RATIONAL CHOICE AND WELFARE

Paola Manzini · Marco Mariotti

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

We propose a boundedly rational model of choice where agents categorize alternatives before choosing. The model explains some behavioral anomalies, and it is fully characterized by a property of choice data: a categorizer can never exhibit certain patterns of “revealed preference reversals”. This model offers clues on the problem of making welfare judgements in the presence of boundedly rational agents.

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2017A Theory of Cognitive Dissonance 2000When choice is demotivating: Can one desire too much of a good thing?2000When choice is demotivating: Can one desire too much of a good thing?1938A Note on the Pure Theory of Consumer's Behaviour 1969Intransitivity of preferences.2002Giving According to GARP: An Experimental Test of the Consistency of Preferences for Altruism 1962Irrational Behavior and Economic Theory 2009Beyond Revealed Preference: Choice-Theoretic Foundations for Behavioral Welfare Economics *

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2017Limited attention and status quo bias 2013Rationalization 2015A Measure of Rationality and Welfare 2011Eliciting Welfare Preferences from Behavioural Data Sets 2018Parametric Recoverability of Preferences 2012Reason-based choice: A bargaining rationale for the attraction and compromise effects

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